4,720 Shares in Credo Technology Group Holding Ltd. $CRDO Bought by Cullen Investment Group LTD.

Key Points

• Cullen Investment Group LTD. invested $437,000 in Credo Technology Group, acquiring 4,720 shares during the second quarter of the year.
• Analysts have a consensus rating of "Buy" for Credo Technology Group, with several raising their price targets significantly, indicating strong market confidence.
• Credo Technology reported quarterly revenue of $223.07 million, exceeding expectations and showing a 273.6% increase compared to the same quarter last year.

Cullen Investment Group LTD. acquired a new stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) during the second quarter, according to its most recent disclosure with the SEC. The fund acquired 4,720 shares of the company's stock, valued at approximately $437,000.

Other large investors have also recently made changes to their positions in the company. Swedbank AB lifted its holdings in Credo Technology Group by 29.5% in the 1st quarter. Swedbank AB now owns 3,219,125 shares of the company's stock worth $129,280,000 after purchasing an additional 733,811 shares in the last quarter. Voya Investment Management LLC lifted its holdings in Credo Technology Group by 233.5% in the 1st quarter. Voya Investment Management LLC now owns 138,516 shares of the company's stock worth $5,563,000 after purchasing an additional 96,985 shares in the last quarter. Invst LLC purchased a new position in Credo Technology Group in the 1st quarter worth approximately $348,000. Rhumbline Advisers lifted its holdings in Credo Technology Group by 4.9% in the 1st quarter. Rhumbline Advisers now owns 205,046 shares of the company's stock worth $8,235,000 after purchasing an additional 9,615 shares in the last quarter. Finally, Strs Ohio purchased a new position in Credo Technology Group in the 1st quarter worth approximately $1,108,000. 80.46% of the stock is owned by hedge funds and other institutional investors.

Credo Technology Group Price Performance

Shares of CRDO stock traded down $2.12 during mid-day trading on Wednesday, hitting $162.30. The stock had a trading volume of 891,312 shares, compared to its average volume of 5,227,260. Credo Technology Group Holding Ltd. has a 12-month low of $27.03 and a 12-month high of $168.42. The firm has a market capitalization of $28.08 billion, a P/E ratio of 243.32 and a beta of 2.59. The firm's 50-day moving average is $118.75 and its two-hundred day moving average is $78.64.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last issued its earnings results on Wednesday, September 3rd. The company reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.02). Credo Technology Group had a return on equity of 19.02% and a net margin of 20.85%.The firm had revenue of $223.07 million during the quarter, compared to analysts' expectations of $190.63 million. During the same quarter in the prior year, the company posted $0.04 earnings per share. Credo Technology Group's quarterly revenue was up 273.6% compared to the same quarter last year. Credo Technology Group has set its Q2 2026 guidance at EPS. Analysts expect that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.

Wall Street Analyst Weigh In

CRDO has been the topic of a number of research analyst reports. Wall Street Zen raised Credo Technology Group from a "hold" rating to a "buy" rating in a report on Friday, September 5th. Zacks Research raised Credo Technology Group from a "hold" rating to a "strong-buy" rating in a report on Monday, September 8th. Barclays boosted their price target on Credo Technology Group from $85.00 to $165.00 and gave the stock an "overweight" rating in a report on Thursday, September 4th. Noble Financial raised Credo Technology Group to a "strong-buy" rating in a report on Tuesday, June 3rd. Finally, Needham & Company LLC lifted their price objective on Credo Technology Group from $85.00 to $150.00 and gave the stock a "buy" rating in a research note on Thursday, September 4th. Two analysts have rated the stock with a Strong Buy rating and twelve have issued a Buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $126.27.

Insiders Place Their Bets

In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of the company's stock in a transaction on Monday, September 8th. The stock was sold at an average price of $146.21, for a total value of $8,041,550.00. Following the completion of the sale, the chief technology officer directly owned 7,053,961 shares in the company, valued at approximately $1,031,359,637.81. This represents a 0.77% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Pantas Sutardja sold 1,875 shares of the company's stock in a transaction on Friday, August 1st. The stock was sold at an average price of $107.00, for a total value of $200,625.00. Following the completion of the sale, the director owned 5,898,652 shares of the company's stock, valued at $631,155,764. This represents a 0.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 753,147 shares of company stock worth $77,587,147. 11.84% of the stock is owned by company insiders.

About Credo Technology Group

Credo Technology Group Holding Ltd provides various high-speed connectivity Credo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Taiwan, Mainland China, Hong Kong, and internationally. Its products include HiWire active electrical cables, optical digital signal processors, low-power line card PHY, serializer/deserializer (SerDes) chiplets, and SerDes IP, as well as integrated circuits, active electrical cables.